Make More Money and Live Longer

Posted on October 2, 2014. Filed under: Uncategorized |

Fortune Magazine has a story summarizing a study showing that Chapter 13 bankruptcy protection “increases annual earnings by $5,562, decreases five-year mortality by 1.2 percentage points, and decreases five-year foreclosure rates by 19.1 percentage points.”

The authors of the study argue that bankruptcy protection stops garnishments and eliminates the garnishment’s disincentive to work (if a person being garnished has a low paying, unsatisfying job, losing 25% of their paycheck may convince them that working isn’t worth it.)

The authors also hypothesize that the automatic stay and discharge of bankruptcy relive a significant amount of stress for the debtor leading to a longer lifespan.

So if debt is causing you to make less money or making your lifespan shorter, make an appointment with your friendly neighborhood bankruptcy attorney and see what we can do for you.

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